VeChain (VET) has carved a niche for itself in the blockchain industry by focusing on real-world applications, particularly in streamlining global supply chains and promoting sustainable practices. This article explores VeChain’s products, recent developments, and their impact on the VET token.

A Thriving Ecosystem

VeChain has blossomed into a vibrant ecosystem for smart contracts and web3 projects. With over 3.5 million active addresses and 24,000 smart contracts deployed, the network boasts a total value locked (TVL) of around $2.2 billion and a daily average trading volume of $35 million.

Focus on Sustainability

VeChain stands out for its commitment to sustainability. The platform actively works to reduce friction within global supply chains while promoting environmentally friendly practices. This focus is evident in the network’s remarkably low carbon footprint. In 2023, the total carbon emissions of the VeChainThor blockchain amounted to just 5,662.34 Kg, with a year-to-date figure of approximately 2,236 Kg.

VeFe: Rewarding Sustainable Choices

The EasyA hackathon, backed by VeChain and the Boston Consulting Group (BCG), recently crowned VeFe, a decentralized application (Dapp), as the winner. This Dapp, developed by Northeastern University computer science graduates, automatically tracks users’ purchases, identifies eco-friendly transactions, and rewards them accordingly. Notably, VeFe utilizes $B3TR tokens to incentivize sustainable choices, making VeChain an attractive option for environmentally conscious users.

Continuous Development

VeChain is constantly evolving to stay competitive in the rapidly growing web3 space. The recent launch of the VeBetterDAO mainnet, reported by Crypto News Flash, allows for seamless swapping of B3TR tokens for VOT3 tokens. This DAO rewards users for their commitment to sustainability.

VeChain’s commitment to eco-friendliness extends beyond its internal operations. Last month, they partnered with EvEarn.org to offer rewards to Tesla drivers who prioritize sustainability. Additionally, VeChain collaborates with the BCG to develop pioneering sustainable blockchain solutions.

Real-World Partnerships

To optimize global supply chains, VeChain has established partnerships with industry giants like BMW, Walmart China, PWC, Arket, BYD, and DHL. These collaborations demonstrate the real-world applicability of VeChain’s technology.

Impact on VET Price

Despite the recent bearish trend in the cryptocurrency market, VeChain’s native token, VET, has experienced a price drop of over 22% in the past four weeks, trading around $0.02626 on July 2nd, 2024. This correction follows an impressive price surge in Q4 2023 and Q1 2024. Technical indicators on the weekly chart suggest a potentially bearish outlook, with the VET price closing below the 50 Moving Average (MA) for the past two weeks. Analysts predict a further decline towards $0.022 before a potential rebound.

Conclusion

VeChain’s focus on sustainability, along with its growing ecosystem and real-world applications, positions it as a unique player in the blockchain landscape. While the VET token faces short-term headwinds due to the broader market sentiment, VeChain’s commitment to innovation and collaboration suggests promising long-term prospects.pen_sparktunesharemore_vert

By Alex Wheeler

Alex is a lead writer at AltcoinsAnalysis, bringing the audience all leading developments in the blockchain industry and the latest trends in the cryptocurrency market.